First reports of the ESM leverage coming out. Greek situation even worse than thought - and that is an accomplishment. EURUSD's recent downchannel is turning sideways - expect horizontal range trading for a while and an eventually a move up.
If it
ain’t broke, don’t fix it. If it is broken, Fixit. – MoreLiver
Roundups &
Commentary
US Opening
News And Market Re-Cap – Ransquawk / ZH
Frontrunning – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Today’s front pages – presseurop
Daily press summary – Open Europe
Süddeutsche: Greek funding gap could be as
large as €30bn
Morning MarketBeat: Housing Recovery Boosting
Confidence – WSJ
Broker Note Briefing – WSJ
Morning Take-Out – NYT
AM Dear Dairy: Rangebound – Macro
and Cheese
Nervous Calm Leaves Greenback Mixed – Marc
to Market
The T Report: From European Bull to Bear – TF
Market Advisors
– Kiron Sarkar / The Big Picture
US session ahead
Pre-market
Commentary – Marketwatch
Pre-Market
Trading – CNNMoney
Pre-Market
– NASDAQ
US Equity Preview – Bloomberg
Earnings
& Events – The
Street
MarketCurrents
– Seeking
Alpha
Reference
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EUROPE
Blogs review: OMT - Has the ECB solved the
Euro Crisis? – bruegel
Comprising of potentially unlimited purchases
of government bonds, it is the largest ECB intervention so far. In the
blogosphere, OMT is mainly evaluated as intended to prevent market panic from
pushing otherwise solvent governments into bad equilibria, insolvency due to
mounting interest payments. Criticism focuses on either conditionality
requiring more austerity, stopping growth or on conditionality being not fully
credible as OMT support cannot easily be withdrawn from non-compliant
countries.
ESM Fund Plans ‘Prudent’ Investments, May Buy
Bank Debt – BB
The Greek budget shortfall gets bigger – alphaville
/ FT
Apparently that Greek shortfall is even bigger
than the even bigger figure reported in the German press on Monday.
Bundesbank castigates IMF for saving Europe – The
Telegraph
Germany's central bank has launched a
blistering attack on the IMF, accusing officials of spraying around money like
confetti and overstepping their legal mandate.
It has been a little while since we dropped in
on the Swiss National Bank, its floor and the consequences of its floor… so the
following came in quite handy.
As is well known among economists, Sweden had its own financial
crisis in the early 1990s and their public finances were quickly consolidated.
This column asks whether the Swedish policy measures serve as a role model for
how to handle the current crisis?
Learning from past crises: Into the safety zone – voxeu.org
Lessons from the past suggest democracies with
strong economic fundamentals do not default on their debt. This column suggests
high growth and low deficits are key but that growing discontent as the result
of austerity may be the most important factor yet in influencing the
probability of default. Eurozone countries, therefore, need to build a higher
safety buffer of good fundamentals to ensure safety from default
Danske Bank’s EMU poll: Clear No – Danske
Bank (pdf)
Member states continue budget bickering – euobserver
ASIA
IN FINNISH
Hip hurraa, oma sauna
palaa – HS
Kolumni: On hyvin
kummallista, että moni suomalainen poliitikko on eurokriisissä riekkujien
puolella, vaikka valtaosa kansalaisista kannattaa EU:ssa ja euroalueessa
pysymistä. (aivan vammaista ja hyvin
valikoivaa faktojen käsittelyä – mutta mitäpä muutakaan...)
Demarilähde myöntää
Sdp:n hilanneen politiikkaansa persujen suuntaan – TE
FT: Suomen maine
Euroopan kovan linjan maana johtuu paljolti Soinista – YLE
Suomen tiukka linja
eurokriisin hoidossa on noussut esiin maailman arvostetuimpiin kuuluvan
talouslehden sivuilla. Lehti pitää Suomen asemaa pitkälti perussuomalaisten
aikaansaannoksena.
Suomen ja Kreikan ero
– Hannu
Visti
Erinomainen kooste
kuulustelupöytäkirjoja ja uutisvälähdyksiä.